Chelsfield is latest to join Stanhope talks: Bernerd ally for Lipton in battle to fend off British Land's approach
Mr Bernerd denied that Chelsfield was one of up to four parties known to be trying to put together a restructuring of Stanhope, which is struggling under the weight of pounds 130m of debt.
But he is understood to be helping his former colleague Stuart Lipton in the Stanhope chairman's fight to fend off an unwanted approach from rival British Land.
BL, headed by John Ritblat, recently bought a 29 per cent stake in Stanhope and has made no secret of its desire to acquire control of Stanhope's most valuable asset, the Broadgate office complex in the City of London.
Mr Bernerd's appearance in the increasingly convoluted negotiations surrounding Stanhope follows a successful partnership with Stuart Lipton during the 1980s when they built up Stockley, developer of the 400- acre business park near Heathrow.
Chelsfield said yesterday that it had shelved plans to float a residential portfolio in the US which it holds in joint venture with P&O as a Real Estate Investment Trust.
Mr Bernerd said the returns from selling individual properties in the US were more attractive than the yields available on REITs. But he confirmed that the goal of both partners was the disposal of the portfolio.
In its first results since gaining a stock market listing in December, Chelsfield announced a bounce back into the black with a pounds 3.2m profit, compared with an pounds 18m loss in 1992. Earnings per share were 4.1p, compared with a 26.6p loss, and as forecast there was no dividend.
At the time of its pounds 243m flotation, the company said its first payout would be a 2.4p dividend for the year to December 1994.
Mr Bernerd said that the revival of the central London letting market meant that it would begin two developments, one of 32,000 sq ft on New Bond Street and 115,000 sq ft of offices in St James's.
The strength of the market, especially in London's West End, was reflected by the fact that neither development was pre-let. Completion of the smaller scheme is expected in the middle of next year.
The shares, which floated at 155p, closed 4p lower at 163p.
- 1 David Cameron refers to 83-year-old Labour MP Dennis Skinner as 'Jurassic Park'
- 2 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 3 Optical illusion turns blue demon into brunette
- 4 German ethics council calls for incest between siblings to be legalised by Government
- 5 Saudi Prince Alwaleed bin Talal will donate entire $32bn fortune to charity
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
German ethics council calls for incest between siblings to be legalised by Government
Saudi Prince Alwaleed bin Talal will donate entire $32bn fortune to charity
Forget little green men - aliens will look like humans, says Cambridge University evolution expert
Greece debt crisis: Country on course to hold EU referendum as eurozone leaders reject new bailout request
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
Tunisia beach attack: How can British Muslims respond to the latest outrages?
iJobs Money & Business
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...